The Uniform Combined State Law Examination also called the Series 66 exam is designed to qualify candidates as both

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

agents and

investment adviser A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory ...

representatives in the United States. It was developed by

North American Securities Administrators Association The North American Securities Administrators Association (NASAA), founded in Kansas in 1919, is the oldest international investor protection organization. NASAA is an association of state securities administrators who are charged with the responsi ...

(NASAA) and operated by the

Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associat ...

(FINRA). The Uniform Combined State Law Examination consists of 100 multiple-choice questions and 10 pretest questions. Applicants are allowed 2½ hours (150 minutes) to complete the examination. The examination is conducted as a closed-book test. Upon completion of the examination, the score for each section and the overall test score will be processed by

headquarters and made available to the candidate's sponsor. A score of at least 73% on the Series 66 exam is needed to pass and become eligible for registration as a Registered Investment Adviser Representative. Prior to July 1, 2016, candidates had to attain scores of 75% in order to pass and prior to January 1, 2010, candidates had to attain scores of 71% in order to pass. *Note: the

General Securities Representative Examination In the United States, the Series 7 exam, also known as the General Securities Representative Exam (GSRE), is a test for entry-level registered representatives, to buy or sell security products such as corporate securities, municipal securities, ...

(Series 7) is a corequisite exam that needs to be successfully completed in addition to the Series 66 exam before a candidate can apply to register with a state. Candidates may take either exam first but must complete both satisfactorily.

External links

CFA CurriculumNASAA Series 66
United States securities law Professional certification in finance Standardized tests in the United States {{econ-stub

See also

External links